HomeMy WebLinkAbout0389 ResolutionRySOLUTICN NO. .389
WHEREAS, Crdinance No. 884 establishing Local Improve-
ment District No. 62 provides for the issuance of warrants
to pay for expenses incurred on Local Improvement District
No. 62 prior to the sale of the Local Improvement District
No. 62 bonds., and
WHEREAS, said bonds are to be sold with interest at
five per cent (ff%) per annum and said war -rants should be issued
at the same rate, and
WHEREAS, there are sufficient monies in the Firements
Relief' and Pension Fund and General Obligation Bond Cash
Fund of the City of F'asco to purchase said interest bear-
ing warrants, NM , THEREFORE
THE CITY CO(jNCIL OF THE CITY OF FASCO DO ORDAIN AS FOLLOWS:
Section 1. Interest bearing warrants at 5% per annum
shall be issued to pay the costs of Local Improvement Dis-
trict No. 62 as the costs arise.
Section 2. The City of' Pasco shall purchase said war-
rants as they are issued out of monies in the following funds:
(a) Firements Relief' and Pension
Fund up to ; 12, 000.00
('b) General Obligation Bond Cash
Fund up to X13,000.00
monies from the aforesaidfunds have been designated to
purchase the Local Improvement District No. 62 bonds when
issued.
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Section 3.
The monies realized from the sale of
said
warrants shall
be placed in the Local Improvement Fund,
Dis-
trict No. 62, and
cash warrants shall be issued out of
said
fund to pay the
costs on said improvement district as
the
costs arise.
1
r
Section. On the execution of said bonds, the
bonds plus the cash on hand in the Local Improvement
Fund, District No. 62 shall be delivered to the City
of Fusco and shall be held to reimburse the Firements
Relief' and :pension Fund and General Obligation Bond
Cash Fund in exchange for an equal amount of the in-
terest bearing warrants issued to pay the costs of Local
Improvement District No. 62.
PASSED by the Council and APPROVED by the Mayor
this 15th day of January, 1957.
ATTEST:
Ci y Clerk
A D
ASIT/,R ISI:
44
it Attorney
to .'
Mayo r
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